Cex
Matching Engine
Central Limit Order Book
Price-Time Priority
Orders matched by:
- Best price (highest bid / lowest ask)
- Time priority (FIFO at each price level)
Order Types
| Type | Description |
|---|---|
| Limit | Execute at specified price or better |
| Market | Immediate execution at best price |
| Stop | Triggered limit/market at stop price |
| Pegged | Tracks reference price with offset |
| Iceberg | Hidden quantity with display size |